Selling a home comes with a lot of questions and it can feel difficult to get answers. At Berkshire Hathaway HomeServices we know that there is no one-size-fits-all guide to selling a home. The answers to the important questions always vary based on the specifics of the situation.
Today we are going to look at a common question: What should you do if you are selling a home and it has a damaged roof? Should you replace it or sell the home as is? While there is no answer that’s always valid, there are a few questions you can ask yourself to find the right answer for your home. Read on for more information or contact Berkshire Hathaway HomeServices at (310) 373-0021 to talk to a real estate agent who can help you.
First things first: How serious is the damage?
If you have found out about issues with the roof in your inspection, bring in an outside expert to give you an estimate on how much it would cost to repair it. We recommend getting at least two but preferably three quotes from local specialists. Once you know how serious the damage is, it can be easier to decide if you should spend the money on a repair or sell it as is.
How quickly do you need to sell your home?
If you want to sell your home quickly, then you may assume that the best option is to sell it as-is because the repairs would take time. While it will vary based on your location, in most cases a home that is move-in ready is going to sell much faster than a home that needs repairs. As a result, even when you consider how much time it takes to do the repairs, it may be faster to repair the roof.
Can you afford the repairs?
One of the biggest factors is of course whether or not you can afford to make the repairs. If you can’t, then there is no decision: You should sell as is. In some markets, this can actually lead to a bidding war as buyers want to get into a home at a lower-than-average price. This bidding war could potentially raise the price in the long run.
Is the roof going to impact loan options?
If you are considering selling the home as-is without repairing the roof, then make sure that doing so is not going to affect a potential buyer’s ability to get financing. A minor issue likely would not, but if the roof is near its end and needs major repairs or replacement, the lender may make roof repair a condition of approving the loan. If this happened, then you would likely need to repair the roof before the loan could close.
If you are considering selling your home and want an expert’s opinion on how best to proceed then we strongly encourage you to contact Berkshire Hathaway HomeServices at (310) 373-0021. We stand ready to consider your unique situation and offer you the tools you need to sell your home.